Records Management Benchmarking:

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Records Management Benchmarking
Choosing a Standard Presentation by Martin Bradley
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(No Transcript)
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The Compliance Environment
In a January 2005 survey of 1,300 chief
executives, the threat posed to business growth
prospects by overregulation topped the list of
concerns - for the second consecutive
year PricewaterhouseCoopers' 8th Global CEO
Survey Bold Ambitions, Careful Choices
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The Regulations

• Basel II
• Sarbanes-Oxley
• MiFID

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Basel II
Requires allocations of capital to be made to
cover credit, market and operational risk, and
oblige internationally active banks (and other
financial firms in the EU) to make detailed
calculations on all transactions and on actual or
potential risk incidents.
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Sarbanes-Oxley

• Requires companies and their auditors to assure
  the public that their accounts are accurate, have
  not and cannot be tampered with and that all
  incidents that may impact the accounts are being
  reported

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Basel II / SOX Records Management Requirements

• Governance
• Record keeping
• Risk management
• Documentation

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MiFID

• Part of move towards a pan-EU transparent market
  in instruments
• Focuses on the interactions between investment
  firms and their professional clients
• Replaces the Investment Services Directive (ISD),
  which has been in effect since 1995
• Part of EU Financial Services Action Plan,
  designed to produce a single European market in
  financial services and to harmonise regulations
  for all EU firms as well as foreign firms
  operating inside EU

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What do MiFID / Basel II / SOXhave in common?

• All require risk techniques to achieve their
  ends. To achieve their risk measurement and
  assessment controls they need core data and, in
  all cases, this is provided by transaction data,
  recorded incidents and documented processes

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In other words

• Good
• Records Management

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Records Management Statistics

• Offices worldwide used 43 more paper in 2002
  than they did in 1999
• The average organisation makes 19 copies of each
  document, loses 1 out of every 20 documents and
  office workers can each spend 400 hours per year
  looking for lost files.
• Between 1 5 of all documents are misfiled
• When e-mail is introduced into an office, the
  percentage of printed documents increases by 40
  per cent.

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Incidence of having written document policy
Sector
Professional Services
Public Sector
Total
Finance
IT
Yes
No
Drury Research
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Document Disposal when legal retention period is
uncertain
Store it indefinitely Ask advice on how
documents should be stored Store it for a
year Dispose of it anyway Dispose of it when
think its appropriate Other Dont know
Drury Research
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What is a Record?

• Information created, received and maintained as
  evidence and information by an organisation or
  person, in pursuance of legal obligations or in
  the transaction of business ISO 15489
• Format and Medium not primary issue Identify
  what are Records and include them in Records
  Management Policy

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Records Management Policy

• Assigns responsibility
• Covers all records
• Identifies Records at creation and follows their
  life-cycle
• Sets out Retention Periods
• Ensures Security and Business Continuity
• Enables legal destruction of listed records

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Creating a Records Management Policy

• Survey and List all Records
• Create File Series Taxonomy
• Decide on Retention Periods
• Assign Responsibility
• Index and reference records create metadata
• Electronic Records mirror Hard Copy
• Accreditation and Audit

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Choosing a Standard

• ISO 15489 Records Management Standard
• BIP 0008 Admissibility of E-Records
• BSI PD 5000 Admissibility of Emails
• MOREQ/MOREQ II
• ANSI/ARMA 5-2003 Vital Records Protection

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ISO 15489

• European Standard
• Flexible
• Best International Practice
• Certification available

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Benefits

• Legal compliance
• Administrative efficiency
• Public Perception - ISO Accreditation
• Cost savings manpower and storage
• Business continuity through Vital Records

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Further Reading

• Archives Ireland www.archives.ie
• NSAI www.nsai.ie
• BSI www.bsi-global.com
• ISO www.iso.org
• ARMA www.arma.org